MAID specialist COPAN announced $32.4 million in Series D funding today as the vendor prepares to flesh out its product line and eyes a long-term IPO.
The round, which was led by Battery Ventures, also included Austin Ventures, Globespan Capital Partners, Pequot Ventures, Credit Suisse, Gold Hill Capital, Presidio STX, and NTT Leasing Capital. The round brings the vendor's total funding to $88.4 million since 2002.
"We're going to use the money to accelerate product programs and widen our distribution," says Jon Mellon, Copan's senior vice president of marketing, explaining that the firm is planning a major product announcement within the next 30 days. "You're going to see a combination of hardware and software capabilities," he added, but would not divulge any additional details.
Copan is one of a number of vendors, including Nexsan, Fujitsu, and NEC, that are touting MAID as a way for users to reduce their storage costs by dynamically powering disks up and down in response to access demands.
In addition to the imminent hardware and software announcements, Copan recently revealed plans to bulk up its database archiving, adding software that will run on top of its MAID operating system and act as an interface between Oracle APIs and the LUNs on the Copan array.